Shiba Inu (SHIB) Faces Price Dilemma, Whale Trading and Burning Activities in Focus
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Despite the surge in whale trading volume and skyrocketing burning rates, the price of Shiba Inu (SHIB) remains sluggish, sparking widespread discussions in the market about future trends.
Whale Activity Heats Up, Prices Continue to Lag
On-chain data shows that in the past week, large transactions of Shiba Inu have surpassed $982 million, with a significant increase in transactions exceeding $100,000, indicating the activity level of whales and large investors. Nevertheless, the SHIB price has still dropped 2.13% in the last 24 hours, currently trading at $0.000025748 USDT.
73% of SHIB's total supply is held by large investors, indicating that these whales have a profound impact on the market. However, this trading activity sharply contrasts with the price decline, making the market trend even more elusive.
Technical Analysis: Price Faces Key Level
From a technical perspective, SHIB's price is approaching a key support level at $0.000025497 USDT. If this support holds, it may rebound to a resistance level at $0.000027668 USDT.
RSI (Relative Strength Index): The current value is 44.86, indicating that the market is in a neutral to bearish zone. If it further declines to the 30 level, it will enter the oversold region, potentially attracting buyers to enter.
Golden Cross: The bullish signal formed in October is still in effect, but in the short term, the 13-day moving average forms resistance against the price, limiting its upward potential.
If it breaks through $0.000027668 USDT, SHIB may challenge $0.000030000 USDT, continuing the upward trend.
Burning Activities Boost Community Confidence
According to Shibburn data, Shiba Inu's burning rate has recently surged by 319,571%, with over 35,713,674 SHIB burned in 24 hours, further reducing market supply. Nevertheless, these efforts have yet to significantly boost short-term prices.
Market Outlook: Whale Activity and Long-Term Potential
The increase in whale trading and token burning activities suggests that the market is brewing potential significant volatility. Although short-term price movements are suppressed, as burning reduces supply, coupled with large investors potentially positioning for the next rally, SHIB may achieve a rebound in the future.
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